Home » Bitcoin drops below $25,000

Bitcoin drops below $25,000

Cryptocurrency lending firm Celsius Network will pause withdrawals and transfers between accounts due to “extreme market conditions”, the company said on Monday, in the latest sign of pressure in the crypto industry.

The world’s largest cryptocurrency, Bitcoin, extended earlier declines after the announcement, falling more than 10 per cent to an 18-month low of $23,750 (€22,712). It is down by around 50 per cent so far this year.

Ether, the second-largest cryptocurrency, fell over 15 per cent to $1,210 (€1,157).

“We are taking this necessary action … in order to stabilise liquidity and operations while we take steps to preserve and protect assets,” Celsius Network said in a blog post.

“Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers”.

Celsius Network, a decentralised finance (DeFi) platform that raised $750 million (€716 million) in funding late last year, is a significant player in crypto lending.

It offers interest-bearing products to customers who deposit their cryptocurrencies with the company, and lends out cryptocurrencies to earn a return.

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  1. What is the support point of bitcoin?


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